On Oct. 12, the Fate City Council approved economic development incentives valued at up to $6.5 million for developer SLX Capital, according to the city's report. The Fate Yards project is planned for about 50 acres at the southeast corner of Memorial Parkway and Interstate 30.
SLX is seeking to bring in a movie theater, an indoor entertainment complex, a four-star hotel, a specialty grocer, restaurants, retail spaces and a park with walking trails. The incentives include fee waivers and performance-based reimbursements, which are meant to attract entertainment and hospitality destinations and support infrastructure improvements.
The reimbursements will come from money the development generates, such as new sales tax and development fees. The incentive will not use existing taxes paid by current businesses or residents, the story said.
City of Fate director of development Emily Goodrum said the city uses a Chapter 380 agreement, a state tool for economic development, to compete with neighboring cities. "We want some of the nice fun stuff here for our residents," Goodrum said.